On Sept. 28, a mergers and acquisition newsletter reported that TW Telecom Inc. (Nasdaq: TWTC), based in Douglas County, may be exploring a sale. Possible suitors were said to include Monroe, La.-based CenturyLink and Broomfield-based Level 3 Communications Inc. (NYSE: LVLT).

Some bond buyers weren’t biting on CenturyLink’s bond sale due to the possibility that buying TW Telecom would make CenturyLink bonds a higher credit risk, Reuters news service said.

TW Telecom’s success selling services transporting data for large companies, and its fiber optic network in cities around the U.S. make a reasonably good fit for CenturyLink, she said. She predicted to clients as much as $60 million in annual operating cost savings could come from the combination.

CenturyLink is in midst of contract negotiations with the Communications Workers of America locals that were part of Qwest. The contract talks will keep any CenturyLink-TW Telecom deal from happening right away, Jaegers predicted.

CenturyLink would likely use its stock to make an offer on TW Telecom, she said. TW Telecom’s board would likely wait to see what terms emerge from CWA talks before weighing a proposal.

TW Telecom had no trouble with a bond sale it held. The company reported Tuesday that it completed a $480 million sale of 5.375 percent senior notes due in 2022. It refinanced other debt with the money it raised.